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Article: Raba posts HUF 2.477 billion loss in 2002, worse than expectations - complete.
- Article from:
- Hungary Business News
- Article date:
- February 14, 2003
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Raba posts HUF 2.477 billion loss in 2002, worse than expectations - complete
Budapest. February 14. INTERFAX-EUROPE - Engineering group Raba recorded a consolidated net loss of HUF 2.477 billion (USD 9.6 million) in 2002, reversing a HUF 1.8 billion profit in the previous year. The loss figure is higher than the consensus forecast of HUF 2 billion.
Sales revenues on the group level declined 31%, while operating performance deteriorated from a HUF 2.3 billion profit in 2001 to a HUF 4.4 billion loss last year.
The poor results were the consequence of an amalgam of factors negatively affecting the group's performance last year, CFO Peter Lengyel ...